Singapore fuel oil stocks jump despite shrinking net imports

Singapore weekly onshore fuel oil inventories jumped 11.3 percent, or 2.559 million barrels (about 382,000 tonnes), to an eight-week high of 25.190 million barrels (3.76 million tonnes) in the week ended Dec. 27, data from International Enterprise (IE) Singapore showed on Thursday.

* This came despite a 36 percent drop in fuel oil net imports into Singapore which fell to a six-week low of 584,000 tonnes in the week to Dec. 27, Reuters calculations showed

* Onshore fuel oil inventories are currently 13.6 percent higher from the same time last year

* Singapore’s net exports of fuel oil to Hong Kong topped the week at 234,000 tonnes, followed by Taiwan with 48,000 tonnes and China with 33,000 tonnes, the data shows

* Net exports of Singapore fuel oil to China over the past week were at their lowest since the week to July 5

* The largest net imports into Singapore originated from the Malaysia at 248,000 tonnes, followed by Saudi Arabia at 226,000 tonnes, Russia at 185,000 tonnes and Iraq at 120,000 tonnes, according to the data

* The last time Singapore imported more fuel oil from the Saudi Arabia was in the week to April 5, when it took in 228,000 tonnes

Source: Reuters

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